Starting Dynare (version 5.4).
Calling Dynare with arguments: savemacro
Starting preprocessing of the model file ...
Found 204 equation(s).
Evaluating expressions...done
Computing static model derivatives (order 1).
Computing dynamic model derivatives (order 1).
Processing outputs ...
done
Preprocessing completed.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -1.07837e-14
gyy1         		 0.018503
Y1           		 1.48512
YT1          		 1.48512
YNT1         		 -10.0771
C1           		 1.4349
gt1          		 0.0760917
gtT1         		 0.0760917
gtNT1        		 0.0760917
Hr1          		 -2.15688
gz1          		 0.0760917
gp1          		 -0.0190229
P1           		 -0.225237
PT1          		 -0.225362
PNT1         		 -0.227956
Pi1          		 -0.365047
PiT1         		 -0.365057
PiNT1        		 -11.878
w1           		 2.49092
Vinnov1      		 1.7992
Z1           		 -0.943795
T1           		 0.0121906
TNT1         		 0.0121906
Y_L1         		 1.48512
gy1          		 0.018503
gc1          		 0.018503
rho_chi2     		 0.25
B2           		 2.94515e-16
gyy2         		 0.018503
Y2           		 2.39314
YT2          		 2.39314
YNT2         		 -9.11203
C2           		 2.35296
gt2          		 0.0760917
gtT2         		 0.0760917
gtNT2        		 0.0760917
Hr2          		 -1.57553
gz2          		 0.0760917
gp2          		 -0.0190229
P2           		 -0.191602
PT2          		 -0.191727
PNT2         		 -0.196356
Pi2          		 0.594111
PiT2         		 0.594101
PiNT2        		 -10.9188
w2           		 1.38157
Vinnov2      		 1.84787
Z2           		 -0.347476
T2           		 0.0422038
TNT2         		 0.0422038
Y_L2         		 2.39314
gy2          		 0.018503
gc2          		 0.018503
rho_chi3     		 0.1
B3           		 4.25658e-14
gyy3         		 0.018503
Y3           		 0.0419857
YT3          		 0.0419857
YNT3         		 -11.4377
C3           		 0.00356472
gt3          		 0.0760917
gtT3         		 0.0760917
gtNT3        		 0.0760917
Hr3          		 -4.67944
gz3          		 0.0760917
gp3          		 -0.0190229
P3           		 0.197323
PT3          		 0.197198
PNT3         		 0.176963
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.60732
Z3           		 -2.86411
T3           		 9.31954e-12
TNT3         		 9.31954e-12
Y_L3         		 0.0419858
gy3          		 0.018503
gc3          		 0.018503
EX1          		 -1.04137
EX2          		 -0.958567
IM1          		 -1.04137
IM2          		 -0.958567
Yw           		 2.62715
r            		 0.0334475
chivar11     		 -1.38629
ga11         		 0.0760917
A11          		 -1.01209
pi_share11   		 -0.0736086
pi_shareNT11 		 -0.0839832
V11          		 1.81649
Vinnovator11 		 0.717873
rp11         		 -2.77563
chivar12     		 -1.38629
ga12         		 0.0760917
A12          		 -0.512732
pi_share12   		 -2.89131
pi_shareNT12 		 -2.77659
V12          		 1.81649
Vinnovator12 		 0.717873
rp12         		 -2.27627
chivar13     		 -1.38629
ga13         		 0.0760917
A13          		 -2.99672
pi_share13   		 -4.16943
pi_shareNT13 		 -4.00068
V13          		 1.81649
Vinnovator13 		 0.717873
rp13         		 -4.76026
chivar21     		 -1.38629
ga21         		 0.0760917
A21          		 -1.07072
pi_share21   		 -3.87531
pi_shareNT21 		 -3.36495
V21          		 2.77564
Vinnovator21 		 1.67703
rp21         		 -1.90512
chivar22     		 -1.38629
ga22         		 0.0760917
A22          		 -0.415783
pi_share22   		 -0.0277309
pi_shareNT22 		 -0.046245
V22          		 2.77564
Vinnovator22 		 1.67703
rp22         		 -1.25018
chivar23     		 -1.38629
ga23         		 0.0760917
A23          		 -3.20587
pi_share23   		 -5.02038
pi_shareNT23 		 -4.54422
V23          		 2.77564
Vinnovator23 		 1.67703
rp23         		 -4.04027
chivar31     		 -2.30259
ga31         		 0.0760917
A31          		 -1.10907
pi_share31   		 -3.52261
pi_shareNT31 		 -2.91938
V31          		 0.97756
Vinnovator31 		 -1.21966
rp31         		 -4.79796
chivar32     		 -2.30259
ga32         		 0.0760917
A32          		 -0.483105
pi_share32   		 -2.67285
pi_shareNT32 		 -2.16545
V32          		 0.97756
Vinnovator32 		 -1.21966
rp32         		 -4.17199
chivar33     		 -2.30259
ga33         		 0.0760917
A33          		 -2.9324
pi_share33   		 -0.103781
pi_shareNT33 		 -0.184723
V33          		 0.97756
Vinnovator33 		 -1.21966
rp33         		 -6.62129
drp11        		 0.018503
Ha11         		 -3.57261
J11          		 1.48926
Jinnovator11 		 0.548196
eps11        		 -0.692957
drp12        		 0.018503
Ha12         		 -2.6966
J12          		 1.29439
Jinnovator12 		 0.434582
eps12        		 -1.26448
drp13        		 0.018503
Ha13         		 -5.28112
J13          		 1.3579
Jinnovator13 		 0.47262
eps13        		 -1.10044
drp21        		 0.018503
Ha21         		 -2.47928
J21          		 2.32832
Jinnovator21 		 1.43843
eps21        		 -1.06951
drp22        		 0.018503
Ha22         		 -2.08074
J22          		 2.4484
Jinnovator22 		 1.50734
eps22        		 -0.69303
drp23        		 0.018503
Ha23         		 -4.16214
J23          		 1.93881
Jinnovator23 		 1.19132
eps23        		 -1.9113
drp31        		 0.018503
Ha31         		 -4.54218
J31          		 0.45543
Jinnovator31 		 -1.50298
eps31        		 -1.26456
drp32        		 0.018503
Ha32         		 -4.00666
J32          		 0.513024
Jinnovator32 		 -1.46844
eps32        		 -1.11653
drp33        		 0.018503
Ha33         		 -6.74222
J33          		 0.650339
Jinnovator33 		 -1.38934
eps33        		 -0.692952

EIGENVALUES:
         Modulus             Real        Imaginary

       1.615e-18       -1.615e-18                0
       2.919e-17        2.919e-17                0
       2.189e-15        2.189e-15                0
       6.748e-10       -3.545e-10        5.741e-10
       6.748e-10       -3.545e-10       -5.741e-10
       6.757e-10        3.545e-10        5.752e-10
       6.757e-10        3.545e-10       -5.752e-10
        4.04e-09        -4.04e-09                0
        4.04e-09         4.04e-09                0
          0.1279          -0.1279                0
          0.1427          -0.1427                0
          0.1585          -0.1585                0
          0.2252           0.2252         0.002758
          0.2252           0.2252        -0.002758
          0.2442           0.2442                0
           0.343            0.343         0.005751
           0.343            0.343        -0.005751
          0.6481           0.6481                0
           0.922            0.922                0
          0.9238           0.9238                0
          0.9239           0.9239                0
          0.9438           0.9438                0
          0.9705           0.9705                0
           1.046            1.046                0
           1.078            1.078                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092                0
           1.092            1.092        1.006e-09
           1.092            1.092       -1.006e-09
           1.092            1.092                0
           1.092            1.092        4.359e-10
           1.092            1.092       -4.359e-10
           1.166            1.166                0
           1.251             1.25          0.05934
           1.251             1.25         -0.05934
           1.451            1.451                0
           1.482            1.481          0.06214
           1.482            1.481         -0.06214
            1.52             1.52                0
           1.529            1.529                0
           1.569            1.567          0.06754
           1.569            1.567         -0.06754
           1.581            1.576           0.1304
           1.581            1.576          -0.1304
           1.616            1.616                0
           1.936            1.936                0
            2.01            1.997           0.2312
            2.01            1.997          -0.2312
           2.029            2.027          0.09066
           2.029            2.027         -0.09066
           2.161            2.161                0
       1.122e+19        1.122e+19                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0
             Inf              Inf                0


There are 57 eigenvalue(s) larger than 1 in modulus 
for 57 forward-looking variable(s)

The rank condition is verified.


STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -5.68513e-15
gyy1         		 0.0186333
Y1           		 1.48916
YT1          		 1.48916
YNT1         		 -10.0765
C1           		 1.43757
gt1          		 0.0766423
gtT1         		 0.0766423
gtNT1        		 0.0766423
Hr1          		 -2.10318
gz1          		 0.0766423
gp1          		 -0.0191606
P1           		 -0.23437
PT1          		 -0.234495
PNT1         		 -0.236339
Pi1          		 -0.372732
PiT1         		 -0.372742
PiNT1        		 -11.8856
w1           		 2.48324
Vinnov1      		 1.81631
Z1           		 -0.920397
T1           		 0.0153439
TNT1         		 0.0153439
Y_L1         		 1.48916
gy1          		 0.0186333
gc1          		 0.0186333
rho_chi2     		 0.25
B2           		 6.74523e-16
gyy2         		 0.0186333
Y2           		 2.39274
YT2          		 2.39274
YNT2         		 -9.11324
C2           		 2.35266
gt2          		 0.0766423
gtT2         		 0.0766423
gtNT2        		 0.0766423
Hr2          		 -1.59105
gz2          		 0.0766423
gp2          		 -0.0191606
P2           		 -0.200999
PT2          		 -0.201125
PNT2         		 -0.205702
Pi2          		 0.585109
PiT2         		 0.585099
PiNT2        		 -10.9278
w2           		 1.37257
Vinnov2      		 1.83179
Z2           		 -0.361612
T2           		 0.0441132
TNT2         		 0.0441132
Y_L2         		 2.39274
gy2          		 0.0186333
gc2          		 0.0186333
rho_chi3     		 0.1
B3           		 1.71307e-14
gyy3         		 0.0186333
Y3           		 0.0395927
YT3          		 0.0395927
YNT3         		 -11.424
C3           		 0.000465688
gt3          		 0.0766423
gtT3         		 0.0766423
gtNT3        		 0.0766423
Hr3          		 -4.53489
gz3          		 0.0766423
gp3          		 -0.0191606
P3           		 0.196403
PT3          		 0.196278
PNT3         		 0.175395
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.67175
Z3           		 -2.79212
T3           		 5.57718e-11
TNT3         		 5.57718e-11
Y_L3         		 0.0395928
gy3          		 0.0186333
gc3          		 0.0186333
EX1          		 -1.02022
EX2          		 -0.961999
IM1          		 -1.02022
IM2          		 -0.961999
Yw           		 2.61915
r            		 0.0335755
chivar11     		 -1.38629
ga11         		 0.0766423
A11          		 -0.987783
pi_share11   		 -0.0762457
pi_shareNT11 		 -0.0836243
V11          		 1.80329
Vinnovator11 		 0.704673
rp11         		 -2.7621
chivar12     		 -1.38629
ga12         		 0.0766423
A12          		 -0.529128
pi_share12   		 -2.88992
pi_shareNT12 		 -2.7722
V12          		 1.80329
Vinnovator12 		 0.704673
rp12         		 -2.30351
chivar13     		 -1.38629
ga13         		 0.0766423
A13          		 -2.91984
pi_share13   		 -4.02684
pi_shareNT13 		 -4.03421
V13          		 1.80329
Vinnovator13 		 0.704673
rp13         		 -4.69422
chivar21     		 -1.38629
ga21         		 0.0766423
A21          		 -1.04623
pi_share21   		 -3.87901
pi_shareNT21 		 -3.36844
V21          		 2.76113
Vinnovator21 		 1.66251
rp21         		 -1.89154
chivar22     		 -1.38629
ga22         		 0.0766423
A22          		 -0.431
pi_share22   		 -0.0274019
pi_shareNT22 		 -0.0457104
V22          		 2.76113
Vinnovator22 		 1.66251
rp22         		 -1.27631
chivar23     		 -1.38629
ga23         		 0.0766423
A23          		 -3.12394
pi_share23   		 -5.05797
pi_shareNT23 		 -4.5816
V23          		 2.76113
Vinnovator23 		 1.66251
rp23         		 -3.96925
chivar31     		 -1.71479
ga31         		 0.0766423
A31          		 -1.09216
pi_share31   		 -3.49239
pi_shareNT31 		 -2.89176
V31          		 0.878951
Vinnovator31 		 -0.63738
rp31         		 -4.19325
chivar32     		 -2.30259
ga32         		 0.0766423
A32          		 -0.498257
pi_share32   		 -2.63861
pi_shareNT32 		 -2.13381
V32          		 0.972044
Vinnovator32 		 -1.22518
rp32         		 -4.18715
chivar33     		 -1.38629
ga33         		 0.0766423
A33          		 -2.86613
pi_share33   		 -0.107461
pi_shareNT33 		 -0.190996
V33          		 0.78972
Vinnovator33 		 -0.30888
rp33         		 -5.63865
drp11        		 0.0186333
Ha11         		 -3.55186
J11          		 1.47724
Jinnovator11 		 0.535652
eps11        		 -0.682713
drp12        		 0.0186333
Ha12         		 -2.70653
J12          		 1.27637
Jinnovator12 		 0.418456
eps12        		 -1.27026
drp13        		 0.0186333
Ha13         		 -5.22062
J13          		 1.35381
Jinnovator13 		 0.4648
eps13        		 -1.06943
drp21        		 0.0186333
Ha21         		 -2.45793
J21          		 2.31539
Jinnovator21 		 1.42484
eps21        		 -1.05908
drp22        		 0.0186333
Ha22         		 -2.0885
J22          		 2.43085
Jinnovator22 		 1.49113
eps22        		 -0.697815
drp23        		 0.0186333
Ha23         		 -4.0933
J23          		 1.94074
Jinnovator23 		 1.18794
eps23        		 -1.87607
drp31        		 0.0186333
Ha31         		 -4.59777
J31          		 0.343945
Jinnovator31 		 -0.928521
eps31        		 -1.2899
drp32        		 0.0186333
Ha32         		 -4.01538
J32          		 0.504944
Jinnovator32 		 -1.47548
eps32        		 -1.11739
drp33        		 0.0186333
Ha33         		 -6.82393
J33          		 0.449734
Jinnovator33 		 -0.485715
eps33        		 -0.731929

STEADY-STATE RESULTS:

rho_chi1     		 0.25
B1           		 -5.68513e-15
gyy1         		 0.0186333
Y1           		 1.48916
YT1          		 1.48916
YNT1         		 -10.0765
C1           		 1.43757
gt1          		 0.0766423
gtT1         		 0.0766423
gtNT1        		 0.0766423
Hr1          		 -2.10318
gz1          		 0.0766423
gp1          		 -0.0191606
P1           		 -0.23437
PT1          		 -0.234495
PNT1         		 -0.236339
Pi1          		 -0.372732
PiT1         		 -0.372742
PiNT1        		 -11.8856
w1           		 2.48324
Vinnov1      		 1.81631
Z1           		 -0.920397
T1           		 0.0153439
TNT1         		 0.0153439
Y_L1         		 1.48916
gy1          		 0.0186333
gc1          		 0.0186333
rho_chi2     		 0.25
B2           		 6.74523e-16
gyy2         		 0.0186333
Y2           		 2.39274
YT2          		 2.39274
YNT2         		 -9.11324
C2           		 2.35266
gt2          		 0.0766423
gtT2         		 0.0766423
gtNT2        		 0.0766423
Hr2          		 -1.59105
gz2          		 0.0766423
gp2          		 -0.0191606
P2           		 -0.200999
PT2          		 -0.201125
PNT2         		 -0.205702
Pi2          		 0.585109
PiT2         		 0.585099
PiNT2        		 -10.9278
w2           		 1.37257
Vinnov2      		 1.83179
Z2           		 -0.361612
T2           		 0.0441132
TNT2         		 0.0441132
Y_L2         		 2.39274
gy2          		 0.0186333
gc2          		 0.0186333
rho_chi3     		 0.1
B3           		 1.71307e-14
gyy3         		 0.0186333
Y3           		 0.0395927
YT3          		 0.0395927
YNT3         		 -11.424
C3           		 0.000465688
gt3          		 0.0766423
gtT3         		 0.0766423
gtNT3        		 0.0766423
Hr3          		 -4.53489
gz3          		 0.0766423
gp3          		 -0.0191606
P3           		 0.196403
PT3          		 0.196278
PNT3         		 0.175395
Pi3          		 -1.38629
PiT3         		 -1.3863
PiNT3        		 -12.8992
w3           		 0
Vinnov3      		 1.67175
Z3           		 -2.79212
T3           		 5.57718e-11
TNT3         		 5.57718e-11
Y_L3         		 0.0395928
gy3          		 0.0186333
gc3          		 0.0186333
EX1          		 -1.02022
EX2          		 -0.961999
IM1          		 -1.02022
IM2          		 -0.961999
Yw           		 2.61915
r            		 0.0335755
chivar11     		 -1.38629
ga11         		 0.0766423
A11          		 -0.987783
pi_share11   		 -0.0762457
pi_shareNT11 		 -0.0836243
V11          		 1.80329
Vinnovator11 		 0.704673
rp11         		 -2.7621
chivar12     		 -1.38629
ga12         		 0.0766423
A12          		 -0.529128
pi_share12   		 -2.88992
pi_shareNT12 		 -2.7722
V12          		 1.80329
Vinnovator12 		 0.704673
rp12         		 -2.30351
chivar13     		 -1.38629
ga13         		 0.0766423
A13          		 -2.91984
pi_share13   		 -4.02684
pi_shareNT13 		 -4.03421
V13          		 1.80329
Vinnovator13 		 0.704673
rp13         		 -4.69422
chivar21     		 -1.38629
ga21         		 0.0766423
A21          		 -1.04623
pi_share21   		 -3.87901
pi_shareNT21 		 -3.36844
V21          		 2.76113
Vinnovator21 		 1.66251
rp21         		 -1.89154
chivar22     		 -1.38629
ga22         		 0.0766423
A22          		 -0.431
pi_share22   		 -0.0274019
pi_shareNT22 		 -0.0457104
V22          		 2.76113
Vinnovator22 		 1.66251
rp22         		 -1.27631
chivar23     		 -1.38629
ga23         		 0.0766423
A23          		 -3.12394
pi_share23   		 -5.05797
pi_shareNT23 		 -4.5816
V23          		 2.76113
Vinnovator23 		 1.66251
rp23         		 -3.96925
chivar31     		 -1.71479
ga31         		 0.0766423
A31          		 -1.09216
pi_share31   		 -3.49239
pi_shareNT31 		 -2.89176
V31          		 0.878951
Vinnovator31 		 -0.63738
rp31         		 -4.19325
chivar32     		 -2.30259
ga32         		 0.0766423
A32          		 -0.498257
pi_share32   		 -2.63861
pi_shareNT32 		 -2.13381
V32          		 0.972044
Vinnovator32 		 -1.22518
rp32         		 -4.18715
chivar33     		 -1.38629
ga33         		 0.0766423
A33          		 -2.86613
pi_share33   		 -0.107461
pi_shareNT33 		 -0.190996
V33          		 0.78972
Vinnovator33 		 -0.30888
rp33         		 -5.63865
drp11        		 0.0186333
Ha11         		 -3.55186
J11          		 1.47724
Jinnovator11 		 0.535652
eps11        		 -0.682713
drp12        		 0.0186333
Ha12         		 -2.70653
J12          		 1.27637
Jinnovator12 		 0.418456
eps12        		 -1.27026
drp13        		 0.0186333
Ha13         		 -5.22062
J13          		 1.35381
Jinnovator13 		 0.4648
eps13        		 -1.06943
drp21        		 0.0186333
Ha21         		 -2.45793
J21          		 2.31539
Jinnovator21 		 1.42484
eps21        		 -1.05908
drp22        		 0.0186333
Ha22         		 -2.0885
J22          		 2.43085
Jinnovator22 		 1.49113
eps22        		 -0.697815
drp23        		 0.0186333
Ha23         		 -4.0933
J23          		 1.94074
Jinnovator23 		 1.18794
eps23        		 -1.87607
drp31        		 0.0186333
Ha31         		 -4.59777
J31          		 0.343945
Jinnovator31 		 -0.928521
eps31        		 -1.2899
drp32        		 0.0186333
Ha32         		 -4.01538
J32          		 0.504944
Jinnovator32 		 -1.47548
eps32        		 -1.11739
drp33        		 0.0186333
Ha33         		 -6.82393
J33          		 0.449734
Jinnovator33 		 -0.485715
eps33        		 -0.731929
--------------------------------------------------------
MODEL SIMULATION :

Iter: 1,	 err. = 0.12394, 	 time = 3.875
Iter: 2,	 err. = 0.020772, 	 time = 3.112
Iter: 3,	 err. = 0.000308, 	 time = 3.048

Total time of simulation: 10.038
--------------------------------------------------------

Total computing time : 0h00m12s
